The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reassured Nigerians that the Federal Government’s forthcoming plan to implement new foreign exchange rules will be aimed at establishing the genuine value of the naira.
This initiative will also include stringent measures against illicit currency trading and is expected to narrow the gap between the official exchange rate and the unofficial one, ultimately achieving what is deemed a “fair price” for the naira by the end of 2023.
In an interview with Bloomberg on Monday, Oyedele elaborated on the government’s intentions, indicating that the envisioned “fair price” for the dollar lies within the range of “N650 to N750.”
He further emphasized that the government’s strategy will involve the introduction of transparent and regulated rules for the official foreign exchange market, with a particular focus on addressing and clearing a significant backlog of dollar demand, which is estimated to be around $6.7 billion.
He said, “The Federal Government plans to introduce new foreign exchange rules, the federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading.”Oyedele stated, underlining the government’s commitment to stabilizing the naira and ensuring a more equitable pricing system for the country’s currency.